I download all my slips from CRA. It all appears accurate. When the T5008 download, then I go to look at each individual T5008 there is a drop don box for me to indicate what type of income it is. The two choices are “investment” or “capital gains”. How do I know which one it is from looking at the slip? It does not appear to be have been coded by my investment company (TD Private Investment). When I ask them, the response is “we are not tax professionals, ask an accountant. But I use turbo tax so i dont need an accountant. Can someone advise me on how to code income type on T5008? I receive about 20 each tax year.
Hi Susan, yes i know what you refer to as difference between what capital gains and interest, but these are “pooled funds” and each fund and the associated T5008 is from a vaguely named fund such as a “mixed dividend growth fund” or a “mixed income dividend growth” fund or a “mixed bond fund” or a “mixed dividend fund”. Hiw do I know in absence of it being coded by the investment fund how to code it myself.
Pooled funds are investment vehicles such as mutual funds, commingled funds, group trusts, real estate funds, limited partnership funds, and alternative investments. The distinguishing feature of a pooled fund is that a number of retirement boards or investors contribute money to the fund.
We recommend that you contact the CRA for more information on what to select at 1-800-959-8281.
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